SBI renews MoU with Indian Air Force for defence salary package

State Bank of India (SBI) on Wednesday said it has renewed the Memorandum of Understanding (MoU) with the Indian Air Force for the Defence Salary Package (DSP) scheme.

Under this scheme, it will offer various benefits and features to all serving and retired Air Force personnel and their families.

The lender offers extensive benefits to the Air Force personnel such as complimentary personal accidental insurance, air accidental insurance, and additional cover in case of on-duty death (during action), a release said.

Insurance cover for permanent total disability / partial disability is also available.

"At SBI, we endeavor to support the undying efforts of the Air Force personnel in securing the safety of our nation and its citizens. We will continue to provide tailor-made solutions to defence personnel under our flagship defence salary scheme," the bank's Chairman Dinesh Khara said in the release.

The bank said in case of death of the Air Force personnel, the family of the deceased is provided with add-on covers for child education and marriage of girl child.

Additionally, the retired personnel will be eligible for complimentary personal accidental insurance, irrespective of their age. The families of pensioners would be entitled to a number of benefits.

The bank said that the enhanced benefits contained in the MoU will be automatically extended to all the Air Force personnel who are covered under its Defence Salary Package.